Registered Valuer in Delhi: A 2026 Guide Updated for Recent Regulatory Changes

Published by Marcken Consulting LLP | CA Murli Chandak, Principal | IBBI-Registered Valuer (Securities or Financial Assets)

If you are searching for a Registered Valuer in Delhi for a share allotment, ESOP exercise, company merger, IBC proceeding, or any statutory corporate purpose, this guide reflects the regulatory position as at July 2026, incorporating seven significant regulatory changes from December 2025 through June 2026 that directly affect Delhi NCR businesses. Marcken Consulting is led by CA Murli Chandak, an IBBI Registered Valuer (Securities or Financial Assets). Where a transaction also requires a Merchant Banker’s certificate, that certificate is issued by a SEBI-registered Category-I Merchant Banker within the same coordinated engagement.

1. The Complete 2025–2026 Regulatory Timeline: What Every Delhi NCR Business Must Know

The Indian valuation regulatory landscape has undergone more changes in the period from December 2025 to June 2026 than in any comparable period since the introduction of the IBBI Registered Valuer framework in 2017. Delhi NCR businesses — which include some of India’s most active users of Registered Valuer services for IBC proceedings, merger schemes, and ESOP programmes — are more directly affected by these changes than companies in any other Indian city. For a foundational overview of valuation applicability under Indian law, see: Valuation Applicability in India — a comprehensive overview.

The following table summarises the 2025-2026 regulatory changes affecting Registered Valuers in Delhi NCR.

Date	Regulation / Circular	Key Impact on Delhi NCR Registered Valuer Requirements
Dec 2025	SEBI (Share Based Employee Benefits and Sweat Equity) (Second Amendment) Regulations, 2025	Registered valuers replace merchant bankers for ESOP and sweat equity valuations by listed companies. Regulation 2(1)(ww) aligned with Section 247 of the Companies Act; Regulation 34(1) amended. Effective 02 January 2026. Merchant bankers may complete ongoing assignments within nine months.
Dec 2025	SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2025	Notification SEBI/LAD-NRO/GN/2025/283, 3 December 2025; in force 02 January 2026. New Regulation 2(1)(zaa) defines “valuer” by reference to Section 247 of the Companies Act. Across Regulations 8 and 9, the open offer price for shares that are not frequently traded, the price on an indirect acquisition where the prescribed parameters do not apply, and the swap ratio where consideration is other than cash, must now be determined by an independent registered valuer, replacing the acquirer and the manager to the open offer. Nine-month transition for assignments already under way.
Feb 2026	IBBI CIRP Amendment Regulations 2026	Introduces coordinator-valuer model (one per asset class). Revises Fair Value definition to include underlying synergies. Appointment: within 7 days, not later than 47th day. New mandatory report format.
Feb 2026	IBBI Liquidation Process (Second Amendment) 2026	Mandates IBBI-notified format for all liquidation valuation reports. Replaces Companies (Registered Valuers and Valuation) Rules 2017 reference with IBBI circular standards.
Apr 2026	IBBI Circular IBBI/RV/93/2026	International Valuation Standards (IVS) by IVSC mandated for all IBC proceedings — CIRP, liquidation, avoidance transactions. Single mandatory standard replacing the previous dual-standards approach.
May 2026	IBBI Liquidation Process (Third Amendment) 2026	Single-valuer rule introduced for MSME liquidations — liquidator may appoint one registered valuer instead of two, with reasons recorded in writing. Significant change for Delhi NCR’s MSME base.
Apr 2026	IBC Amendment Act 2026	Received Presidential assent on 6 April 2026. Introduces a statutory definition of ‘registered valuer’ within the IBC itself (new Section 3(27A)), adopting the meaning under Chapter XVII of the Companies Act, 2013, and formally classifies registered valuers as IBC service providers. Also introduces the Creditor-Initiated Insolvency Resolution Process (CIIRP), which the Central Government brought into force with effect from 26 May 2026.

2. Detailed Analysis: What Each Regulatory Change Means for Your Delhi NCR Business

2.1 December 2025 — SEBI Replaces Merchant Bankers with IBBI RVs for Listed ESOP Valuations

Delhi NCR is home to a large base of listed companies, including major manufacturing groups, FMCG companies, real estate developers, and pharmaceutical groups. Every one of these companies with an active ESOP or sweat equity programme is directly affected. For a complete guide to ESOP valuation, see: How is ESOP Valuation Calculated? and our ESOP Consultant in Delhi — a 2026 guide for Delhi NCR businesses.

2.1A December 2025 — SEBI Takeover Code: Open Offer Pricing Moves to the Registered Valuer

This amendment is less widely discussed than its SBEB counterpart of the same date, but for Delhi NCR it is arguably the more commercially significant of the two. The NCLT Principal Bench and the Delhi NCR listed universe together generate a steady flow of takeover activity, and a substantial share of open offers involve targets whose shares are thinly traded — precisely the situation the amendment now reserves to the Registered Valuer. Acquirers and their advisers who have historically relied on the manager to the open offer to strike the price must now appoint an independent Registered Valuer to do so.

2.2 February 2026 — IBBI CIRP Amendment: Coordinator-Valuer Model and IVS-Compliant Format

2.3 February 2026 — IBBI Liquidation Process (Second Amendment): Mandatory Report Format

The IBBI (Liquidation Process) (Second Amendment) Regulations, 2026 (F. No. IBBI/2025-26/GN/REG136) mandates that registered valuers in liquidation proceedings must prepare valuation reports in the format specified by IBBI through circular — replacing the Companies (Registered Valuers and Valuation) Rules, 2017 reference. Delhi NCR companies in liquidation proceedings must ensure their appointed registered valuers are using the IBBI-notified format. See: Who Can Issue a Business Valuation Report in India?

2.4 April 2026 — IVS Mandatory for All IBC Proceedings (IBBI Circular IBBI/RV/93/2026)

2.5 May 2026 — MSME Single-Valuer Rule in Liquidation

The IBBI (Liquidation Process) (Third Amendment) Regulations, 2026 (notified 19 May 2026, in force from 20 May 2026) introduces a single-valuer rule for MSME liquidations. The liquidator may appoint one registered valuer — instead of the standard two — for MSME liquidation proceedings, with reasons recorded in writing and consultation committee approval. Delhi NCR has one of India’s largest concentrations of registered MSMEs — making this amendment directly relevant for Resolution Professionals and Liquidators in the NCR region.

2.6 April 2026 — IBC Amendment Act 2026: Statutory RV Definition and CIIRP

• Statutory definition of Registered Valuer: Section 3(27A) formally introduces the definition of ‘registered valuer’ within the IBC itself — adopting the meaning under Chapter XVII of the Companies Act, 2013. This strengthens the legal foundation for valuer authority in NCLT proceedings and formally classifies registered valuers as IBC service providers.
• Presidential assent: The Act received Presidential assent on 6 April 2026. Several of its provisions take effect only on notification by the Central Government.
• CIIRP: The Act introduces the Creditor-Initiated Insolvency Resolution Process. The Central Government brought the relevant provisions into force with effect from 26 May 2026. Under this route, notified classes of financial institutions may initiate resolution directly by appointing a resolution professional, subject to approval from creditors in that class representing at least 51 per cent in value of the debt, a minimum 30-day window for the corporate debtor to respond, and a 150-day target for completion.
• Expanded avoidance look-back: Extended review period for preferential and fraudulent transactions — increasing the volume of avoidance transaction valuation mandates at the NCLT Principal Bench in Delhi.

3. Which Credential Does Your Delhi NCR Business Need? — The Complete 2026 Matrix

The following matrix reflects credential requirements updated to the July 2026 regulatory position. For a full explanation of the distinction between credentials, see: IBBI Registered Valuer vs. SEBI Merchant Banker — which do you need? and Income Tax Act sections requiring valuation reports.

Transaction / Purpose	IBBI Registered Valuer (SFA)	SEBI Merchant Banker	Chartered Accountant
ESOP exercise price support — Section 62(1)(b) read with Rule 12 — Companies Act	Not mandated by Rule 12; an independent fair value from an SFA-class RV is standard practice	Not prescribed for this purpose	Not prescribed for this purpose
ESOP perquisite FMV on exercise — Rule 3(8) and 3(9), Income-tax Rules — Income Tax	Varies (see Section 2.1)	REQUIRED — Category-I Merchant Banker, on the specified date	NOT accepted
Listed ESOP valuation — SEBI SBEB — post Jan 2026	REQUIRED from Jan 2026	Transitional only	NOT accepted
Open offer price — infrequently traded shares, indirect acquisitions, and swap ratio for non-cash consideration — SEBI SAST Regulations 8 and 9, post Jan 2026	REQUIRED — independent Registered Valuer	Manages the open offer process, but no longer determines the price	NOT accepted
Merger exchange ratio — Sections 230–232 — Companies Act	REQUIRED (SFA class)	NOT accepted	NOT accepted
CIRP fair value and liquidation value — IBC / IBBI	REQUIRED — IVS mandatory from Apr 2026	NOT accepted	NOT accepted
MSME liquidation — IBBI Third Amendment 2026	REQUIRED — single valuer permitted	NOT accepted	NOT accepted
Capital reduction — Section 66 — Companies Act	REQUIRED (SFA class)	NOT accepted	NOT accepted
FDI share allotment pricing — FEMA / RBI (Rule 21, NDI Rules 2019)	Not prescribed under the NDI Rules	ACCEPTED	ACCEPTED — Rule 21 permits a CA, a SEBI-registered Merchant Banker, or a practising Cost Accountant
Receipt or transfer of unquoted shares below FMV — Sections 92(2)(m) and 79, ITA 2025 (formerly 56(2)(x) / 50CA)	Not prescribed	Not required — Rule 57 prescribes the NAV formula	Not required — Rule 57 prescribes the NAV formula
Ind AS 102 — grant-date fair value — Accounting	Commonly used	Accepted	Accepted with qualification

Marcken Consulting, led by CA Murli Chandak, provides the Registered Valuer (SFA) report and, where a transaction also requires it, a Merchant Banker’s certificate issued by a SEBI-registered Category-I Merchant Banker, covering the requirements in the matrix above. The firm’s reports are updated to comply with the April 2026 IVS mandate, the February 2026 coordinator-valuer model, and the IBBI-notified report format for Delhi NCR IBC proceedings. See: Merchant Banker Valuation in India.

4. The NCLT Principal Bench Factor: Why Delhi NCR Demands the Highest Standard of RV Reports

Delhi is home to the NCLT Principal Bench — the most active, most scrutinised, and highest-profile insolvency and corporate law court in India. A disproportionate number of India’s largest corporate mergers, restructurings, and insolvency proceedings are heard before this bench. The following table maps the primary NCLT Principal Bench proceeding types and the RV requirements applicable in July 2026.

Proceeding Type	Regulatory Provision	Timing	Key RV Requirements (July 2026)
Merger / Demerger / Scheme	Sections 230–232 — Companies Act	Before NCLT petition filing	Share exchange ratio; asset and business valuation
CIRP — Fair and Liquidation Value	Reg. 27 / Reg. 35 CIRP Regs 2026	Within 7 days of CIRP; completed by day 47	IVS mandatory (April 2026 circular); coordinator-valuer model; IBBI-notified report format
Liquidation Valuation	Reg. 35 Liquidation Regs 2026	Appointed within 7 days of liquidation order	IVS mandatory; IBBI-notified format; single valuer for MSME (May 2026 amendment)
Preferential / Fraudulent Transaction	Section 43 / 66 IBC	On RP or liquidator’s reference	Whether transaction was at fair value; expert witness standard
Minority Squeeze-Out	Section 236 — Companies Act	Before acquisition of minority shares	Fair price for compulsory acquisition

The NCLT Principal Bench has a documented history of scrutinising the independence, methodology, and documentation quality of RV reports. Since the April 2026 IVS mandate, the bench has an additional basis for raising objections where a submitted RV report does not apply IVS. For a broader overview of RV requirements across India, see our guides: Registered Valuer in Mumbai and Registered Valuer in Bengaluru, and Registered Valuer in Kolkata.

5. Delhi NCR Industry Clusters: RV Requirements and Methodology — Updated for 2026

The following matrix provides a structured reference for the primary RV triggers and appropriate valuation methodology for each of Delhi NCR’s seven major industry clusters — updated to reflect all 2025-2026 regulatory changes including the IVS mandate for IBC proceedings and the January 2026 IBBI RV requirement for listed company ESOP valuations. For a full industry-specific ESOP guide, see: ESOP Consultant in Delhi: A 2026 Guide for Delhi NCR Businesses.

Industry Cluster	Primary RV Triggers	Valuation Methodology
Manufacturing and Industrial (Faridabad, Manesar, Okhla)	ESOP allotments; merger exchange ratio for group consolidation; IBC CIRP for stressed manufacturers; squeeze-out of minority holders	DCF for earnings-generative; NAV for asset-heavy; CCM for listed manufacturing peers; IVS-compliant for IBC mandates
Real Estate and Construction (Gurgaon, Noida, Greater Noida)	ESOP allotments; pre-IPO merger schemes; IBC CIRP for stressed developers; DIPAM divestment valuations	NAV for land bank; DCF on project cash flows; stamp duty value for immovable property
FMCG and Consumer Brands (Gurgaon, South Delhi)	Listed ESOP valuations (IBBI RV mandatory from Jan 2026); merger schemes; sweat equity	CCM using listed FMCG peer multiples; DCF for branded businesses; Relief-from-Royalty for brand intangibles
Technology and IT Services (Noida / Gurgaon)	ESOP allotments at each funding round; CCPS conversion; pre-IPO restructuring; 409A-equivalent for US-funded companies	WAV (DCF + CCM) for 409A; peer-group proxy volatility; Black-Scholes for Ind AS 102; IVS for IBC
Pharma and Healthcare	Listed pharma ESOP valuations (RV mandatory from Jan 2026); hospital chain restructuring; R&D company IBC proceedings	rNPV for clinical-stage; CCM for commercial pharma; Relief-from-Royalty for IP-heavy balance sheets; IVS for IBC
PSU-Adjacent and Government-Linked	DIPAM divestment valuations; JV restructuring; pre-listing ESOP scheme adoption	NAV adjusted for government licence premium; DCF where commercial operations are established
MSME Sector (Delhi NCR-wide)	ESOP allotments; IBC liquidation (single-valuer rule from May 2026); merger schemes	NAV or DCF depending on asset profile; single-valuer IVS-compliant report for MSME liquidation per May 2026 amendment

6. Industry-Specific RV Requirements for Delhi NCR Companies

6.1 Manufacturing and Industrial — Faridabad, Manesar, Okhla

• Group consolidation mergers: Manufacturing groups consolidating subsidiaries before listing require merger exchange ratio RV reports filed with the NCLT Principal Bench — the most scrutinised forum for these reports in India.
• IBC for stressed manufacturers: Post-April 2026, all RV reports for IBC proceedings must apply IVS and use the IBBI-notified format.
• ESOP for professional management: For unlisted manufacturers, ESOPs are issued under Section 62(1)(b) read with Rule 12, which requires the exercise price to conform with applicable accounting policies; an independent fair value from an SFA-class Registered Valuer is the standard way to evidence this. Separately, the Category-I Merchant Banker’s certificate under Rule 3(8) and 3(9) of the Income-tax Rules is required for the perquisite on exercise. A Registered Valuer’s report is separately mandatory where shares are issued by preferential allotment under Section 62(1)(c) read with Rule 13, or by private placement under Section 42 read with Rule 14. See: Income Tax vs. Companies Act Valuation — what is the difference?

6.2 Real Estate and Construction — Gurgaon, Noida, Greater Noida

• Post-April 2026 IVS compliance: RV reports for real estate developer CIRP proceedings must now apply IVS — requiring explicit methodology documentation and sensitivity analysis.
• DIPAM divestment: Several government-adjacent real estate entities in Delhi NCR are part of the DIPAM divestment programme — requiring specific treatment of government-held land and development rights.
• Pre-IPO restructuring: Several Gurgaon-based real estate companies are preparing for listing. Pre-IPO merger and restructuring schemes require RV reports filed with the NCLT — subject to SEBI scrutiny in the DRHP.

6.3 FMCG and Consumer Brands — Gurgaon, South Delhi

• Listed ESOP — post-January 2026: FMCG companies must transition ESOP valuation engagements from Merchant Bankers to IBBI Registered Valuers for fresh assignments under the December 2025 SEBI amendment.
• Brand acquisition mergers: FMCG acquisitions involving brand valuations require RV reports for the merger exchange ratio — with Relief-from-Royalty methodology for the brand intangible component.
• D2C and emerging brands: Unlisted D2C brands are unlisted and typically venture-backed. See: How ESOP consultants help startups design effective ESOP plans.

6.4 Technology and IT Services — Noida and Gurgaon Corridor

• ESOP and allotments at each funding round: Noida and Gurgaon technology startups require a Registered Valuer’s report for preferential allotments under Section 62(1)(c) read with Rule 13, and for private placements under Section 42 read with Rule 14. See: ESOP Consultant in Bengaluru — startup and VC ecosystem guide for a comparable startup RV context.
• 409A-equivalent for US-funded companies: Technology companies in the Noida-Gurgaon corridor with US investors require 409A-equivalent valuations. See: Can an Indian Valuer do a 409A Valuation? and When is a 409A Valuation Compulsory?
• MNC subsidiary cross-border: MNC subsidiaries require FEMA MB certificates for FDI pricing and IBBI RV certificates for Companies Act allotments — both must be consistent. See: 409A Valuation vs. Investor Valuation.

6.5 PSU-Adjacent, Government-Linked, and DIPAM Businesses

• DIPAM divestment valuations: The Department of Investment and Public Asset Management (DIPAM) divestment programme generates specific RV mandates requiring treatment of government-granted licences and concessions as components of enterprise value.
• JV restructuring: Delhi NCR has a large base of PSU-private JVs in energy, infrastructure, and defence. Restructuring requires RV certificates under the Companies Act.
• Pre-listing ESOP adoption: Government-adjacent companies preparing for listing must adopt SEBI-compliant ESOP schemes before the DRHP is filed.

6.6 MSME Sector — Delhi NCR-Wide

• MSME liquidation — single valuer: MSMEs in liquidation proceedings may now engage a single IBBI Registered Valuer under the May 2026 amendment — with reasons recorded in writing and consultation committee approval. The single valuer must still comply with the April 2026 IVS mandate and IBBI-notified report format.
• MSME ESOP programmes: For unlisted MSMEs, the position is the same as for larger unlisted companies: ESOPs are issued under Section 62(1)(b) read with Rule 12, with an independent fair value evidencing the exercise price, and a Category-I Merchant Banker’s certificate under Rule 3(8) and 3(9) of the Income-tax Rules for the perquisite on exercise. For reference on valuation fees, see: Budgeting for Company Valuation Fees in India.

7. Seven Common Registered Valuer Mistakes Made by Delhi NCR Companies in 2026

• Continuing to use a Merchant Banker for listed company ESOP valuations after January 2026: The December 2025 SEBI amendment requires IBBI Registered Valuers for fresh listed company ESOP valuations from 02 January 2026. Companies that have not updated their arrangements are non-compliant with the amended SEBI SBEB framework.
• Engaging an IBBI RV without verifying IVS compliance for IBC proceedings: From April 2026, all RV reports for IBC proceedings must apply International Valuation Standards. RVs who have not updated their methodology are producing non-compliant reports.
• Using a Registered Valuer’s report for the income-tax perquisite FMV calculation: Rule 3(8) and 3(9) of the Income-tax Rules require the FMV of unlisted shares on the exercise date to be determined by a Category-I Merchant Banker. Using an RV report for this purpose creates a TDS compliance risk. See: IBBI Registered Valuer vs. SEBI Merchant Banker — full comparison.
• Not following the coordinator-valuer model for post-February 2026 CIRP appointments: CIRP proceedings commenced after the February 2026 amendment require the coordinator-valuer model. Resolution Professionals who appoint valuers without designating a coordinating valuer per asset class are non-compliant.
• Reusing a pre-April 2026 format for post-April 2026 IBC proceedings: RV reports in the format applicable before April 2026 are non-compliant for IBC proceedings after that date.
• Engaging a property valuer or L&B class RV for a share allotment or ESOP: Government-approved property valuers and IBBI Registered Valuers in the Land and Building class cannot issue certificates for share allotments or ESOP exercises. Only an SFA-class Registered Valuer satisfies Section 62(1)(c), Section 42 and Section 247.
• Not engaging the RV early enough for NCLT Principal Bench proceedings: The NCLT Principal Bench expects RV reports to be filed as part of the initial petition. For CIRP cases, appointment timelines are now compressed to 7 days by the February 2026 amendment. See: When is a Company Valuation Mandatory under the Companies Act?

8. Why Delhi NCR Companies Engage Marcken Consulting as their Registered Valuer

Marcken Consulting LLP, led by CA Murli Chandak, provides Registered Valuer services and coordinated Merchant Banker certificates to businesses and Resolution Professionals across Delhi NCR.

• Updated to the June 2026 Regulatory Position: The seven regulatory changes from December 2025 to June 2026 set out above are incorporated into the firm’s engagement process, report format, and valuation methodology — including the SAST open offer pricing mandate, IVS compliance for IBC proceedings, the coordinator-valuer model, the IBBI-notified report format, and the MSME single-valuer provision.
• IVS-Compliant IBC Reports: All RV reports for IBC proceedings from April 2026 onwards apply International Valuation Standards as mandated by IBBI Circular IBBI/RV/93/2026.
• NCLT Principal Bench Experience: Reports prepared to meet the evidentiary standards of the NCLT Principal Bench — with full methodology documentation, sensitivity analysis, and independence from management.
• Single Coordinated Engagement: The Registered Valuer’s report (Companies Act / IBC / SEBI SBEB) and, where required, the Merchant Banker’s certificate (Income-tax Rules / FEMA) issued by a SEBI-registered Category-I Merchant Banker, delivered within one coordinated engagement. See: Who Can Issue a Business Valuation Report in India?
• Cross-Sector Coverage: Active mandates across manufacturing, real estate, FMCG, technology, pharma, PSU-adjacent, and MSME sectors in Delhi NCR — covering listed and unlisted companies, IBC proceedings, and cross-border transactions.
• Speed and Confidentiality: Typical turnaround of 5 to 10 working days; expedited turnaround for time-sensitive NCLT or CIRP mandates by prior arrangement. For reference on fees, see: Budgeting for Company Valuation Fees in India.

9. Frequently Asked Questions — Registered Valuer in Delhi — Updated July 2026

Q1. What is the most important regulatory change affecting Registered Valuers in Delhi NCR as of July 2026?

There have been seven significant regulatory changes from December 2025 to June 2026. The most operationally impactful for most Delhi NCR businesses is the April 2026 IBBI Circular IBBI/RV/93/2026 — which mandates International Valuation Standards (IVS) for all IBC proceedings with immediate effect. Any RV report for an IBC proceeding in Delhi dated after 1 April 2026 that does not apply IVS is non-compliant and risks rejection by the NCLT Principal Bench or the liquidator. The December 2025 SEBI amendment is the most impactful for listed companies with ESOP programmes — requiring IBBI Registered Valuers (not Merchant Bankers) for fresh ESOP valuations from January 2026.

Q2. How does the February 2026 coordinator-valuer model work for CIRP proceedings at the NCLT Principal Bench in Delhi?

Under the IBBI (CIRP) Amendment Regulations 2026, the Resolution Professional must appoint two sets of registered valuers, each set comprising one registered valuer for each asset class of the corporate debtor. Within each set, one valuer is designated as the coordinating valuer — responsible for computing the aggregate fair value for that asset class. The coordinating valuer facilitates a meeting where all appointed valuers explain their methodology to the Committee of Creditors before beginning computation. The final Fair Value is the average of the two closest estimates from the coordinating valuers. If estimates differ by 25 percent or more — the threshold the amendment prescribes for estimates being “significantly different” — the Resolution Professional may appoint a third set of valuers, or the Committee of Creditors may resolve to do so for reasons recorded.

Q3. Does the MSME single-valuer rule apply to all MSME IBC liquidation proceedings in Delhi NCR?

The IBBI (Liquidation Process) (Third Amendment) Regulations, 2026 (notified 19 May 2026, in force from 20 May 2026) permits the liquidator to appoint a single registered valuer for MSME liquidations — instead of the standard two — with reasons recorded in writing and consultation committee approval. This is a permissive provision, not mandatory. The single appointed valuer must still comply with the April 2026 IVS mandate and the IBBI-notified report format.

Q4. What is the difference between a government approved property valuer and an IBBI Registered Valuer (SFA) in Delhi?

A government approved property valuer holds approval for valuing land, buildings, and real estate for income tax capital gains, stamp duty, and mortgage purposes. An IBBI Registered Valuer in the Securities or Financial Assets (SFA) class holds registration under the Companies (Registered Valuers and Valuation) Rules, 2017. Only an SFA-class IBBI Registered Valuer can issue the valuation report required under the Companies Act for share allotments, mergers, and IBC proceedings. Relying on a property valuer for a Companies Act share valuation means the statutory requirement has not been met, and the corporate action is open to challenge.

Q5. Is a fresh RV certificate required for each ESOP exercise event?

ESOP allotments are made under Section 62(1)(b) read with Rule 12 of the Companies Act framework, which does not itself mandate a Registered Valuer’s report; an independent fair value is nevertheless obtained for each exercise event to evidence the exercise price and support the Ind AS 102 charge. (A Registered Valuer’s report is mandatory for a preferential allotment under Section 62(1)(c) read with Rule 13, or a private placement under Section 42 read with Rule 14.) A single report can cover multiple employees exercising options in the same allotment batch on the same date. It should not be reused for a subsequent allotment event. For listed companies from January 2026, the IBBI Registered Valuer requirement now applies under the December 2025 SEBI amendment. See: Valuation Applicability in India.

Q6. Does the April 2026 IVS mandate apply to RV reports for Companies Act purposes in Delhi NCR?

The April 2026 IBBI Circular IBBI/RV/93/2026 specifically mandates IVS for valuations conducted under the IBC — covering CIRP, liquidation, voluntary liquidation, and avoidance transaction proceedings. It does not directly mandate IVS for Companies Act valuations (share allotments, mergers, squeeze-outs). However, IVS is increasingly the de facto standard for quality Registered Valuer reports even outside IBC proceedings — and auditors and legal counsel are beginning to expect IVS-aligned methodology in Companies Act valuations as well.

Q7. How can Marcken Consulting serve Delhi NCR clients on NCLT Principal Bench matters without a Delhi office?

Marcken Consulting serves Delhi NCR clients entirely remotely for the valuation component — data collection, analysis, report preparation, and digital delivery of signed RV reports. For matters requiring physical filing at the NCLT Principal Bench or attendance at NCLT proceedings, the firm coordinates with local counsel and company secretarial professionals in Delhi NCR. The valuation report itself — which is the key document the NCLT scrutinises — is prepared entirely by the principal RV, CA Murli Chandak, and meets the evidentiary standards expected by the Principal Bench.

Q8. What data is required to start a Registered Valuer engagement for a Delhi NCR company?

Standard data requirements include: audited financial statements for the last 3 to 5 years; management-prepared financial projections for 5 years; the company’s memorandum and articles of association; the latest cap table and shareholding pattern; shareholder agreements or term sheets; details of any pending litigation; and a description of the business. For IBC proceedings: the list of creditors and claims admitted, the asset register, the draft information memorandum, and the NCLT order commencing CIRP or liquidation. For NCLT merger scheme matters: the draft scheme of arrangement and board approval documentation.

10. Engage Marcken Consulting as Your Registered Valuer in Delhi

Whether you are a Delhi NCR company planning a share allotment, a Resolution Professional commencing a new CIRP under the February 2026 coordinator-valuer model, a listed company transitioning your ESOP valuation to an IBBI Registered Valuer under the December 2025 SEBI amendment, a Liquidator seeking IVS-compliant reports under the April 2026 circular, or an MSME needing a single-valuer liquidation report under the May 2026 amendment — Marcken Consulting provides the credentials, regulatory knowledge, and technical expertise to deliver compliant, defensible valuation reports for Delhi NCR.

A preliminary discussion — covering the purpose of the valuation, the applicable regulatory framework in the July 2026 position, the timeline, and the data available — is available at no charge and typically takes 30 minutes. For a full breakdown of the three IBBI asset classes and the specific properties each one covers, see our pan-India guide: Registered Valuer in India: Asset Classes and Property Types.

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Reach out to us at: marckenconsulting.com
Marcken Consulting LLP | CA Murli Chandak, Principal
Registered Valuer (Securities or Financial Assets) and Corporate Advisory Services | Ahmedabad and Mumbai

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Disclaimer: This article is intended for general informational purposes only and does not constitute legal, tax, or financial advice. Regulatory provisions cited above are subject to further clarification and amendment. Readers are advised to consult a qualified professional before acting on any information contained herein. The regulatory position reflected in this article is as of July 2026; please verify the current position at the time of acting.